Jump to content

Recommended Posts

Posted
2 hours ago, Scouts Honor said:

im just using that 'trusted' search engine google

A start. Then it helps to understand what you are reading and follow it up with critical thinking.

Drowning in data, but thirsting for knowledge

Posted

Yes, and that info is not available that I know of.    The question was starting to hinge on the 1% and what they pay.   The table was added to show what the IRS says on the subject. 

mspart

Posted
1 hour ago, mspart said:

Yes, and that info is not available that I know of.    The question was starting to hinge on the 1% and what they pay.   The table was added to show what the IRS says on the subject. 

mspart

Nope. The question was always about the Biden-Harris proposal to tax unrealized gains for billionnaires.

As people like to do around here when they do not know what they are talking about, they attempted to "prove" that billionaires pay the majority of taxes by posting a stat that not even the 1% highest earners pay a majority of taxes. Never mind that the top 1% of earners by AGI does not equate in any way to the 800 billionaires in the US. Just a bunch of foolishness.

Even that 800 billionaires is an overstatement. It includes people who do not have a billion or more, but could be said to be worth a billion on a capitalized basis.

For example, Taylor Swift is a newly minted "billionaire" even though she does not have a billion dollars. However, if she were to sell the rights to her future royalties and concert revenue she would likely be able to do so for about a billion dollars, so Forbes puts her on their billionaires list. There are a lot of this kind of "billionaires" in this category. None of these would be covered.

So, now we are talking about a lot less than 800 people the tax would apply to. Even if all of those people are in the 1% by AGI (they are not, which is the point of the proposal) they constitute a whopping 0.0005% of the 153.6 million taxpayers. So if the top 1% pay 45% of total taxes, then clearly any 0.0005% do not pay the majority of taxes.

Drowning in data, but thirsting for knowledge

Posted

should we assume that in the chart the top 5% INCLUDES the top 1%?

i think we should

this means.. the top 1% pays 1 Trillion

while 2-5% pays .4 trillion.

quite a difference

the top 10% pays 1.6 Trillion

so 6-10 % pays only .2 trillion

 

if im wrong about that... let me know.

but i think it shows.... 

Posted
26 minutes ago, Scouts Honor said:

should we assume that in the chart the top 5% INCLUDES the top 1%?

i think we should

this means.. the top 1% pays 1 Trillion

while 2-5% pays .4 trillion.

quite a difference

the top 10% pays 1.6 Trillion

so 6-10 % pays only .2 trillion

 

if im wrong about that... let me know.

but i think it shows.... 

Are we all just now realizing that we have a progressive tax system?

Drowning in data, but thirsting for knowledge

Posted
45 minutes ago, Wrestleknownothing said:

Nope. The question was always about the Biden-Harris proposal to tax unrealized gains for billionnaires.

How will B&H know who is a billionaire?  Will TS qualify, will Trump re appraise his assets ...  🤔

.

Posted
4 minutes ago, ionel said:

How will B&H know who is a billionaire?  Will TS qualify, will Trump re appraise his assets ...  🤔

With the right growth and interest rate assumptions we are all billionaires.

Drowning in data, but thirsting for knowledge

Posted
Just now, Wrestleknownothing said:

With the right growth and interest rate assumptions we are all billionaires.

exactly but let's go after those nasty millionaires like Bernie first.  

  • Haha 1

.

Posted

I see a couple of roadblocks:

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated,


 

nor shall private property be taken for public use, without just compensation.

  • Bob 1
Posted
1 hour ago, Offthemat said:

I see a couple of roadblocks:

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated,


 

nor shall private property be taken for public use, without just compensation.

Roadblocks to what?

Drowning in data, but thirsting for knowledge

Posted
3 minutes ago, ionel said:

Taxing assets/capital gains.

He clearly could not have meant that it is a roadblock to something that has been going on since 1913. That is why I asked for clarification.

Drowning in data, but thirsting for knowledge

Posted
15 hours ago, Wrestleknownothing said:

Nope. The question was always about the Biden-Harris proposal to tax unrealized gains for billionnaires.

As people like to do around here when they do not know what they are talking about, they attempted to "prove" that billionaires pay the majority of taxes by posting a stat that not even the 1% highest earners pay a majority of taxes. Never mind that the top 1% of earners by AGI does not equate in any way to the 800 billionaires in the US. Just a bunch of foolishness.

Even that 800 billionaires is an overstatement. It includes people who do not have a billion or more, but could be said to be worth a billion on a capitalized basis.

For example, Taylor Swift is a newly minted "billionaire" even though she does not have a billion dollars. However, if she were to sell the rights to her future royalties and concert revenue she would likely be able to do so for about a billion dollars, so Forbes puts her on their billionaires list. There are a lot of this kind of "billionaires" in this category. None of these would be covered.

So, now we are talking about a lot less than 800 people the tax would apply to. Even if all of those people are in the 1% by AGI (they are not, which is the point of the proposal) they constitute a whopping 0.0005% of the 153.6 million taxpayers. So if the top 1% pay 45% of total taxes, then clearly any 0.0005% do not pay the majority of taxes.

Sorry Know Nothing.   The topic at the time I posted was talking about billionaires and 1%.   And there was argument about that.   So I thought it a good thing to put in facts and data from the US government to clear up the confusion.   Sorry I got your knickers in a bunch. 

mspart

Posted
14 hours ago, Offthemat said:

I see a couple of roadblocks:

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated,


 

nor shall private property be taken for public use, without just compensation.

This does not outlaw taxes...obviously. 

We already do this btw. They're called property taxes.

Posted
15 hours ago, Wrestleknownothing said:

Are we all just now realizing that we have a progressive tax system?

so think about it..

are the wealthiest paying most of the taxes or not

we keep hearing soak the rich...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Latest Rankings

  • College Commitments

    Bodie Abbey

    Hartland, Michigan
    Class of 2026
    Committed to Michigan
    Projected Weight: 133

    Ally Jelinek

    Linn-Mar, Iowa
    Class of 2025
    Committed to Lindenwood (Women)
    Projected Weight: 117, 124

    Ella Gahl

    Northfield, Indiana
    Class of 2025
    Committed to Manchester (Women)
    Projected Weight: 138

    Natalie Rush

    Canon-McMillan, Pennsylvania
    Class of 2025
    Committed to West Liberty (Women)
    Projected Weight: 207

    Elsie Olson

    Eastview, Minnesota
    Class of 2025
    Committed to Augsburg (Women)
    Projected Weight: 160
×
×
  • Create New...